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The economy may be growing and the stock market may be on a tear, but for many workers such broad measures of financial gains aren’t translating to their wallets and sense of financial security.

This year, only about a third of U.S. employees, or 35%, reported feeling satisfied with their financial situation, a drop from almost half, or 48%, two years ago according to the 2017 Global Benefits Attitudes Survey results released this week by Willis Towers Watson. This marks a reversal from improvements in employee attitudes since 2009 — during the worst of the financial crisis —when just a quarter felt that way, according to the firm. In addition, more, or 59% of those surveyed say they worry about their future financial state, an increase from 49% two years ago. (The survey was conducted in July and August and recorded views of 4,983 participants.)

“They are feeling a lot of stress — they are feeling uncertainty,” said Alan Glickstein, senior retirement consultant with Willis Towers Watson, about what he calls the cumulative effect of wages stagnating, higher health care costs and continued erosion of pension plan coverage. “This has been coming for a while in the post financial crisis period.”

Of note, too, is the growing proportion of workers who cited current financial concerns as negatively affecting their lives (34%), an increase from two years ago (21%). More, or 59%, also “worry about their future financial state,” a rise of 10 percentage points, according to the survey results. This anxiety may reflect worsening prospects related to major financial events including divorce, major health issue and borrowing, from family friends or payday loans. And it also seems to be taking a toll at work affecting productivity and health — most prevalent among a group of workers described as “struggling” numbering about 30% who reported worries about both short- and long-term finances. Within this group, 31% described “money concerns” as hindering their efforts at work, preventing them “from doing their best at work,” according to the report with seven of 10 reporting high, (37%) or above average (33%) stress levels with 30% describing their health as “poor.” In contrast, employees without money problems were also in good health (35%) or very good health (55%) with just 5% reporting high stress.

Declines in perceptions of well-being and a connection between financial pressures, poor health and worse performance at work, suggest a need for more solutions to help those who are struggling. However, it also may reflect bigger, structural issues, Glickstein says, who points to the growing effect of student loan debt as the proportion of millennials in the workplace continues to increase.

“The trend line you’d expect at some point to become more negative because we know primarily on a self-reported basis and also based on the data, how significant the looming issue of debt is and affects outlook on life and mood and productivity,” he says.

A high majority of struggling respondents, or 81%, are living paycheck to paycheck and only 20% of them pay the total due on credit cards. And most, or 69%, don’t budget.

“There are many people who are making a good income and have a good job who also feel financial stress,” Glickstein says. “And perception is reality.”

Like you, I’m fascinated by the psychology of money and why people make the financial decisions that they do. For more than a decade, I’ve written about the topic—and…

Like you, I’m fascinated by the psychology of money and why people make the financial decisions that they do. For more than a decade, I’ve written about the topic—and many others in personal finance--for publications including The New York Times, SmartMoney, The Wall Street Journal Sunday and Worth. I got my start in small newspapers around Boston and cut my teeth in business journalism at The Bond Buyer covering the municipal bond market.